PrimeXBT Crypto Exchange Review: Copy Trading Module, Pros & Cons, Fees, Leverage

People who are interested in cryptocurrencies look for different ways to earn some digital coins. Crypto trading is one of the most popular ways. However, with such a diversity of crypto trading platforms, it’s a challenge to choose the appropriate ones. Beginners don’t know how to evaluate trading conditions or how to find safe trading services.

That’s why we decided to make a tutorial on one more crypto trading platform. In this PrimeXBT review, we’ll explore everything a starting trader needs. 

Introduction to the Company

The history of the entity holding the PrimeXBT brand name dates back to 2018. As of the date of writing, the average daily trading volume on the platform exceeds $500,000,000. The platform provides its crypto exchange services to trading enthusiasts from over 150 countries and has three official representatives registered in Seychelles and St. Vincent and the Grenadines. Currently, users from the US, Canada, Japan, and some other jurisdictions are restricted.

PrimeXBT claims to have developed its original trading software that is supposed to meet the expectations of both beginning and advanced traders and crypto investors. According to the company, “entire infrastructure is designed to facilitate a high number of orders per second and extreme loads while offering ultra-fast order execution and low latency”. 

Investment Products

PrimeXBT positions itself as the №1 crypto trading platform. Indeed, the system is advanced enough to compete with other well-regarded cryptocurrency exchanges. As one of the leading crypto trading platforms, PrimeXBT enables holding coins on hot and cold wallets, crypto margin trading, and Bitcoin leverage. 

However, that’s not the main interest in the platform’s focus. Actually, PrimeXBT has all the necessary to be referred to as a multi-asset service. 

All investment products available on this platform are as follows:

• 41 crypto-to-fiat currency pairs;
• 51 forex currency pairs;
• 5 commodities;
• 11 stock indices;

Using access to these assets, PrimeXBT traders can benefit from both long and short trading, margin and leverage trading, and earn on interest in the forex and crypto market. One more way to benefit from investment products displayed is copy trading.

More About Copy Trading at PrimeXBT

Let’s start with the basics: PrimeXBT copy trading is a special service that enables one trader to automatically follow the deals of another trader. This approach is often used by beginning traders who need to gain experience in trading strategy building. 

As for signal providers, they earn a passive income from the commission paid by their followers. According to some PrimeXBT reviews, this commission can be as high as 20-40% of the total profit of a trade.

In general, copy trading conditions of PrimeXBT are more beneficial than the ones offered by average copy trading platforms:

• market orders are enabled;
• the maximum leverage is 1:100;
• limit, stop, OCO, and market orders are available;
• the following minimum amount is 0.001 BTC;
• the 1% entry fee;
• trading spreads imitate the initial platform – they start from as low as 0 points.

PrimeXBT copy trading is quite simple. Here are the steps one needs to take to get started with the copy trading module on PrimeXBT.

1. Select a trader to follow. To do this, set up the necessary filters and search for a strategy that deals with the chosen market.
2. Select the amount of money you would like to dedicate to the chosen strategy.
3. Start following the trader. Since it’s a PrimeXBT copy trading platform (not social trading), the orders of the chosen trader will be automatically copied to your account.

The PrimeXBT copy trading solution is called Covesting. Let’s dive deeper into this module.

Covesting.io presentation

Covesting PrimeXBT is a special module for PrimeXBT copy trading. In fact, this is a separate platform solution that lists the strategies of traders who are willing to share them. Covesting allows building strategies with more than 80 financial assets, including CFD and crypto trading. Currently, Covesting PrimeXBT lists over 400 advanced strategies.

PrimeXBT copy trading isn’t the only feature enabled by this solution. It also has its own utility crypto token under the COV ticker symbol. Holders of COV coins are provided with different incentives – from trading discounts to membership bonuses.

Covesting.io is licensed by the Gibraltar Financial Services Commission under the 116778 incorporation number as an official Distributed Ledger services provider. As a limited liability company, Covesting.io cooperates with licensed companies only. From this, we can draw a conclusion that PrimeXBT is a fully legit and safe provider of trading services. Hence, when trading on Covesting PrimeXBT, your data and funds are protected by the security measures of the two platforms. So why not copy trade a winning position on PrimeXBT?

Trust and Security

Covesting.io obtains permission from an official regulatory body. What about security measures employed by the PrimeXBT crypto trading platform?

The PrimeXBT company claims that its original trading system features all the necessary protection solutions to prevent the violation of users’ funds and data. Among all the mentioned methods, we would like to specify the following peculiarities of the platform’s cybersecurity infrastructure:

• 2-factor-authentication – the feature that ensures that access to your account cannot be obtained without access to additional means of verification, such as mobile phone number and email.
• SSL encryption – the feature that protects the website and its traffic from potentially dangerous entries.
• Cold Wallet – the type of cryptocurrency storage that provides you with the possibility to store all your crypto assets in Multisignature technology, meaning they can be accessed by those who can obtain a special seed phrase.

PrimeXBT Fees

Trading fees determine how much additional money you need to spend to pay for access to financial markets. To this extent, PrimeXBT is one of the most client-oriented crypto exchange and trading platforms. The maximum commissions are set on crypto-to-fiat currency pairs. See how they compare with tradable products from other markets available on the platform in the table below:

Margin Trading and Leverage

Banking Methods

PrimeXBT is mostly oriented to the crypto market. Thus, deposits and withdrawals are processed only in cryptocurrency. The minimum deposit amount to start trading should be equal to 0.001 BTC.

The following payment methods are accepted:

• Direct Crypto Transactions. After registering a PrimeXBT trading account, you can replenish it with BTC, ETH, USDT (erc20), or USDC (erc20) by making an ordinary transfer from your existing crypto wallet.
• Credit & Debit Cards. You can replenish your account from credit or debit cards that store fiat currencies. However, the funds should be converted into digital coins. That’s why to use these payment methods to fund your PrimeXBT trading account, you need to use special intermediary services:
  • Coinify
  • Xanpool
  • Paxful
  • io

Withdraw earned money through the same payment options. But consider that a proper withdrawal should correspond to specific conditions of this trading platform. Here are the withdrawal conditions you have to satisfy:

1. a withdrawal should be requested within the 12 pm and 2 pm time gap;
2. withdrawn money can be transferred as early as 12:00 UTC;
3. withdrawals requested after 12:00 UTC are processed the following day.

Reviews from Clients

This PrimeXBT review wouldn’t be complete if we didn’t examine testimonials by real clients from the US and beyond:

“They have good service. I was scammed by another company. Thanks to PrimeXBT, I got back the money that I earned for so long. Don’t fall for the scammers. I am very grateful to them.” – Timothy S. at G2.com

“This Prime XBT review won’t include any specific info because I’m not an expert, just my impression of the platform. What I liked is that the fees are lower than 0.05%, lower than the industry average. Platforms I traded with before offered higher commissions, which increased expenses on trading. Prime xbt is cheaper.” – Jonathan Wright at ProductHunt

Conclusion

To conclude, PrimeXBT is a worthy option if you consider online crypto trading. In addition to a wide variety of cryptocurrency pairs, you can earn in other popular financial markets, including stock and forex. Of course, PrimeXBT would be more user-friendly if it added more payment options and fiat-currency accounts. But even with existing disadvantages, PrimeXBT provides high-quality services and shows constant progress. Copy trade a winning position on PrimeXBT!

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